Published on 4/24/2014 in the Prospect News Municipals Daily.
New Issue: Tennessee Housing Development prices $150 million finance program debt
By Sheri Kasprzak
New York, April 24 - The Tennessee Housing Development Agency sold $150 million of series 2014-1 residential finance program bonds, according to a pricing sheet.
The deal included $25,975,000 of series 2014-1A AMT bonds, $4,525,000 of series 2014-1B non-AMT bonds and $119.5 million of series 2014-1C non-AMT bonds.
The 2014-1A bonds are due 2015 to 2017 with a term bond due in 2039. The serial coupons range from 0.32% to 1.1%, all priced at par. The 2039 bonds have a 4% coupon priced at 108.359 to yield 2.2%.
The 2014-1B bonds are due 2015 to 2017 with 0.35% to 0.9% coupons, all priced at par.
The 2014-1C bonds are due 2018 to 2025 with term bonds due in 2029, 2034 and 2039. The serial coupons range from 1.2% to 3.2% coupons all priced at par. The 2029 bonds have a 3.7% coupon and the 2034 bonds have a 4% coupon, both priced at par. The 2039 bonds have a 4% coupon priced at 109.525 to yield 2.02%.
The bonds (/AA+/) were sold through senior manager Raymond James/Morgan Keegan.
Proceeds will be used to finance single-family first-lien program loans.
| Issuer: | Tennessee Housing Development Agency
|
| Issue: | Series 2014-1 residential finance program bonds
|
| Amount: | $150 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), Citigroup Global Markets Inc., RBC Capital Markets LLC, J.P. Morgan Securities LLC, FTN Financial Capital Markets and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Standard & Poor's: AA+
|
| Pricing date: | April 24
|
| Settlement date: | May 29
|
|
|
| $25,975,000 series 2014-1A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2015 | Serial | 0.32% | 100 | 0.32%
|
| $1,255,000 | 2015 | Serial | 0.44% | 100 | 0.44%
|
| $2.33 million | 2016 | Serial | 0.60% | 100 | 0.60%
|
| $1.19 million | 2016 | Serial | 0.75% | 100 | 0.75%
|
| $2.36 million | 2017 | Serial | 1.10% | 100 | 1.10%
|
| $17.84 million | 2039 | Term | 4% | 108.359 | 2.20%
|
|
|
| $4,525,000 series 2014-1B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.07 million | 2015 | Serial | 0.35% | 100
|
| $1,155,000 | 2016 | Serial | 0.55% | 100
|
| $2.3 million | 2017 | Serial | 0.90% | 100
|
|
|
| $119.5 million series 2014-1C non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.46 million | 2018 | Serial | 1.20% | 100 | 1.20%
|
| $2,485,000 | 2018 | Serial | 1.30% | 100 | 1.30%
|
| $2.51 million | 2019 | Serial | 1.60% | 100 | 1.60%
|
| $2.54 million | 2019 | Serial | 1.70% | 100 | 1.70%
|
| $2,575,000 | 2020 | Serial | 1.95% | 100 | 1.95%
|
| $2,615,000 | 2020 | Serial | 2.05% | 100 | 2.05%
|
| $2,655,000 | 2021 | Serial | 2.30% | 100 | 2.30%
|
| $2,655,000 | 2021 | Serial | 2.40% | 100 | 2.40%
|
| $2.7 million | 2022 | Serial | 2.65% | 100 | 2.65%
|
| $2,745,000 | 2022 | Serial | 2.70% | 100 | 2.70%
|
| $2.79 million | 2023 | Serial | 3.00% | 100 | 3.00%
|
| $2,835,000 | 2023 | Serial | 3.00% | 100 | 3.00%
|
| $2,775,000 | 2024 | Serial | 3.05% | 100 | 3.05%
|
| $2,725,000 | 2024 | Serial | 3.05% | 100 | 3.05%
|
| $2,705,000 | 2025 | Serial | 3.20% | 100 | 3.20%
|
| $2.75 million | 2025 | Serial | 3.20% | 100 | 3.20%
|
| $24.17 million | 2029 | Term | 3.70% | 100 | 3.70%
|
| $32,615,000 | 2034 | Term | 4.00% | 100 | 4.00%
|
| $20,195,000 | 2039 | Term | 4.00% | 109.252 | 2.02%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
